Answered: 5) Budgets can be used to motivate…

5) Budgets can be used to motivate employees because budgeted performance levels can provide goals for employees to attain or exceed. I true O false

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 1MC: Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing...

See similar textbooks

Related questions

Q: 4. The following are characteristics of an effective budget, EXCEPT: A. Goals should be attainable.…

A: Hi student Since there are multiple question, we will answer only first question.

Q: Which of the following is not an accepted principle of effective budgeting? A• Flexibility B• Top…

A: Budgeting refers to the plan that an entity makes and how it is going to spend the money. The budget…

Q: Which among the following is not an element of budgeting? a. Budgeting should state the firm’s…

A: Budgets are prepared on weekly, monthly, or yearly basis to make plans for the future which needs to…

Q: Which of the following statements are TRUE? 1. Responsibility accounting attempts to assign blame…

A: Statement I: Responsibility accounting helps identify and track costs that specific managers can…

Q: . ________ An important part of the planning process is the creation of a budget. 2.…

Q: Budgeting can be an important management tool if implemented properly. Identify several positive…

A: A plan that is written down and followed to determine how one will spend money on a monthly basis is…

Q: "budget performance is a better criterion than past performance for judging managers." Do you agree?…

A: The budget is a statement in which the estimated standards are set according to the needs of the…

Q: indicate yes if it describes a potential benefit of budgeting orno if it describes a potential…

A: A Budget is a summary of expenses prepared by Companies to find the costs to be incurred on…

Q: how can I apply MIS ( management information system ) successfully in this topic: A PERSONAL…

A: Management accounting is the act of distinguishing, estimating, investigating, deciphering, and…

Q: Which of the following is not a benefit of budgeting? O Provide a way to measure business…

A: The answer is : Provide a way to hire specialized labors. Hiring specialised labour is not something…

Q: indicate yes if it describes a potential benefit of budgeting orno if it describes a potential…

Q: 1. Explain the concept of responsibility accounting and its relation with budgeting.

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: III. Challenging budgets tend to motivate improved performance.

A: In the budget, the targeted performance of each employee is determined. These can be used as a…

Q: 1. Budgets should not be used to motivate and reward employees. 2. Budgets play an important…

A: Budgeting: Budgeting means forecasting for the future , To achieve goals in business budgeting to be…

Q: A budget represents a target and aiming towards a target can be a powerful motivator. However,…

A: Budgets are the estimated summaries for the costs to be incurred and revenues to be received. They…

Q: Which of the following is not an advantage of budgeting? a) Forces managers to plan b) Provides…

A: Budget: A budget is an estimation of revenue and expenses over a specified period of time and is…

Q: Which of the following is NOT true of the budgeting process? Question 8 options: Budgeting…

A: Solution Concept Budgeting process is the process of estimating the income and expenditure of the…

Q: Which of the following is not a benefit of participative budgeting? Multiple Choice It serves as…

A: Lets understand the basics. Participative budget is as name suggest give right of participatation to…

Q: Which of the following is true in a bottom-up budgeting approach? a.Supervisors tell departments…

A: Management adapts the current year's budget to suit future objectives, making changes as needed.…

Q: indicate yes if the item is an important budgeting guideline orno if it is not. Employees should…

Q: (3) Explain the ethical considerations as it relates to using budgets as a basis for rewarding…

A: 3) Using budgets as a basis for rewarding managers can lead to conflict of interest. The managers,…

Q: A benefit from budgeting is that it forces managers to think about and plan for the future. True or…

A: Budgets - a plan or a forecast prepared to estimate revenue or cost or production during the year.…

Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

5) Budgets can be used to motivate employees because budgeted performance levels can provide goals for employees to attain or exceed. I true O false

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction to Budget

VIEW

Step 2: Determination of correct answer

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

True or False 1. Budgets should not be used to motivate and reward employees. 2. Budgets play an important communication role within organizations. They provide a mechanism for managers to share expectations and priorities for the future. 3. Budgets also provide useful benchmarks for evaluating and rewarding employee performance.
Subject- accounting
A benefit from budgeting is that it forces managers to think about and plan for the future. True or False True False
indicate yes if it describes a potential benefit of budgeting orno if it describes a potential negative outcome of budgeting. Budgets help coordinate activities across departments.
Which of the following is NOT true of the budgeting process? Question 8 options: Budgeting provides feedback to management to aid in assessing how well it's reaching its goals. Budgets force managers to plan for the future. Budgets force managers to consider relations among operations across the entire value chain. The performance report is prepared as part of the master budget.
(3) Explain the ethical considerations as it relates to using budgets as a basis for rewarding managers? (4)Explain three specific benefits that a system of budgetary planning and control may bring to an organization.
A budget represents a target and aiming towards a target can be a powerful motivator. However, whether the target will actually cause employees to do better is thought to depend on how difficult the target is perceived to be. Required Evaluate the motivational considerations that should be made in the setting up of a budgetary planning and control system.
4. The following are characteristics of an effective budget, EXCEPT: A. Goals should be attainable. В. Evaluations should be made carefully with opportunities to explain any failures. С. They should be properly applied to avoid negative effects. D. Customers affected by a budget should be consulted when it is prepared.
indicate yes if the item is an important budgeting guideline orno if it is not. Employees should have the opportunity to explain differences from budgeted amounts.
Budgeting can be an important management tool if implemented properly. Identify several positive results when budgets are used properly. Since budgets affect people, identify several negative aspects if budgets are not implemented properly. Additionally, please discuss in detail how the budgeting process is essential to managers.
Which of the following statements are TRUE? 1. Responsibility accounting attempts to assign blame for problems to a specific manager. 11. One benefit of a budget is that it helps managers gather relevant information for improving future performance. III. Challenging budgets tend to motivate improved performance. IV. Controllability may be difficult to pinpoint because some costs are the result of the market, not the manager. a) I, III, and IV are true. b) I and IV are true c) II, III, and IV aregrue. d) All statements are true
Which of the following is not a benefit of participative budgeting? Multiple Choice It serves as training or development for managers. It provides information that employees know but managers do not. It reduces or eliminates the need for tracking actual cost activity. It enhances employee motivation and acceptance of goals.